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The effects of Wanderers going bump

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1The effects of Wanderers going bump Empty The effects of Wanderers going bump Sun May 05 2019, 14:30

Nigelbwfc


Nicolas Anelka
Nicolas Anelka
Spare a thought for those staff who are going to lose their jobs at BWFC.

The pubs in the surrounding area who are going to lose much needed custom.

Marc Iles and the Bolton News. If we're liquidated, then we will be relegated to the bottom league and will almost certainly mean Marc loses his job and probably the Bolton News does as well ( most of the sales are to BWFC fans)

Norpig

Norpig
Nat Lofthouse
Nat Lofthouse
Don't think we will be liquidated but administration is pretty much nailed on.

Nigelbwfc


Nicolas Anelka
Nicolas Anelka
[You must be registered and logged in to see this link.] wrote:Don't think we will be liquidated but administration is pretty much nailed on.
Thing is admin means you sell assets to pay of debt, but as I understand it, the car park is sold to Prescott business ownership along with the hotel. The academy, training ground is sold to Brett Warburton, none of whom are on the board.

The stadium can't be sold for six months unless it's to the supporters trust who haven't got any money.

So I'm not sure we can go into admin.

Sluffy

Sluffy
Admin
[You must be registered and logged in to see this link.] wrote:
[You must be registered and logged in to see this link.] wrote:Don't think we will be liquidated but administration is pretty much nailed on.
Thing is admin means you sell assets to pay of debt, but as I understand it, the car park is sold to Prescott business ownership along with the hotel. The academy, training ground is sold to Brett Warburton, none of whom are on the board.

The stadium can't be sold for six months unless it's to the supporters trust who haven't got any money.

So I'm not sure we can go into admin.

No, you're basically not right about your understanding of Admin Nigel, it isn't to sell off assets per se but more about coming to some agreement with the creditors of the company.

In simple terms (as applied to football) all NON secured creditors will only be paid 25p in the £1 of what they are owed and all secured creditors paid in full BUT having two or more years to do so.

Assets 'may' be sold to fund continue trading in Administration but the Administrator has powers over everything - he takes control of ALL assets such as car parks, hotel and even the stadium and can sell them off if he has need to.

The ACV on the stadium by the ST is not valid under insolvency and the outstanding loans to Warburton and James are dealt with directly and again their charges against assets no longer apply.

The ST DOES however have the right to have first dibs on taking the club out of Admin (they have 28 days to do so before others can be considered) but clearly the ST haven't anything like the funds to exit Admin on their own.

I guess they could simply be used as a figurehead for another group of purchasers to work with to get ahead of the queue of other potential rivals, or perhaps they could waive their rights for the 28 day period (I assume this is possible but don't know for sure).

There are also only certain people who can put us in Admin too, Anderson, Eddie Davies estate (presumably as them hold a charge on Anderson's share ownership of the club) and the Winder court judge.

I believe Warburton, James and HMRC as outstanding creditors could do so as well.

Whoever takes us into Admin becomes responsible for ALL the club debts so there is no point in HMRC, Warburton and James doing so - nor really the wish of Eddies estate.

IF however a deal could be struct behind the scenes whereby Admin is entered into, all creditors have already accepted deals on the money they are owed, and the ST waive (or are just the 'notional' buyers on behalf of someone else) then something called PrePact Admin could be enacted, where Admin is entered into and exited at the same time.

It is thought this is probably the road we are looking at.

Growler


Tony Kelly
Tony Kelly
I would be surprised if BWFC being liquidated meant the Bolton News closed down.The majority of the papers sales are to older Bolton people who are interested in the local news at the front of the paper not to avid football fans eager to read about the club.Sure the club has tens of thousands of fans around the world but the majority of people in Bolton aren't really interested, certainly not enough to hand over money to read about it.
Ten years ago the biggest money maker for the Bolton News was the property section, the property section was only 4 pages last week due to cheaper online advertising from estate agents, that is a bigger issue for the paper's revenues than the football club being liquidated.
Realistically the Bolton News would be reporting on the reformed town's club in a few months.If Marc Iles  wanted to remain a football journalist that would be an issue but I don't think  the paper would be in danger of closing down.

Nigelbwfc


Nicolas Anelka
Nicolas Anelka
[You must be registered and logged in to see this link.] wrote:I would be surprised if BWFC being liquidated meant the Bolton News closed down.The majority of the papers sales are to older Bolton people who are interested in the local news at the front of the paper not to avid football fans eager to read about the club.Sure the club has tens of thousands of fans around the world but the majority of people in Bolton aren't really interested, certainly not enough to hand over money to read about it.
Ten years ago the biggest money maker for the Bolton News was the property section, the property section was only 4 pages last week due to cheaper online advertising from estate agents, that is a bigger issue for the paper's revenues than the football club being liquidated.
Realistically the Bolton News would be reporting on the reformed town's club in a few months.If Marc Iles  wanted to remain a football journalist that would be an issue but I don't think  the paper would be in danger of closing down.
They did a survey some years ago and found out that the only reason 70 % of the readership were buying the paper was to know what was going on with Bolton Wanderers. No reason. That may have changed as you can catch most of it on the web. It's known the last time the Wanderers were in the then 4th division sales plummeted. 

As for finding out what's locally, if you read the paper you'd come to the conclusion that's a big fat zero.

Nigelbwfc


Nicolas Anelka
Nicolas Anelka
[You must be registered and logged in to see this link.] wrote:
[You must be registered and logged in to see this link.] wrote:
[You must be registered and logged in to see this link.] wrote:Don't think we will be liquidated but administration is pretty much nailed on.
Thing is admin means you sell assets to pay of debt, but as I understand it, the car park is sold to Prescott business ownership along with the hotel. The academy, training ground is sold to Brett Warburton, none of whom are on the board.

The stadium can't be sold for six months unless it's to the supporters trust who haven't got any money.

So I'm not sure we can go into admin.

No, you're basically not right about your understanding of Admin Nigel, it isn't to sell off assets per se but more about coming to some agreement with the creditors of the company.

In simple terms (as applied to football) all NON secured creditors will only be paid 25p in the £1 of what they are owed and all secured creditors paid in full BUT having two or more years to do so.

Assets 'may' be sold to fund continue trading in Administration but the Administrator has powers over everything - he takes control of ALL assets such as car parks, hotel and even the stadium and can sell them off if he has need to.

The ACV on the stadium by the ST is not valid under insolvency and the outstanding loans to Warburton and James are dealt with directly and again their charges against assets no longer apply.

The ST DOES however have the right to have first dibs on taking the club out of Admin (they have 28 days to do so before others can be considered) but clearly the ST haven't anything like the funds to exit Admin on their own.

I guess they could simply be used as a figurehead for another group of purchasers to work with to get ahead of the queue of other potential rivals, or perhaps they could waive their rights for the 28 day period (I assume this is possible but don't know for sure).

There are also only certain people who can put us in Admin too, Anderson, Eddie Davies estate (presumably as them hold a charge on Anderson's share ownership of the club) and the Winder court judge.

I believe Warburton, James and HMRC as outstanding creditors could do so as well.

Whoever takes us into Admin becomes responsible for ALL the club debts so there is no point in HMRC, Warburton and James doing so - nor really the wish of Eddies estate.

IF however a deal could be struct behind the scenes whereby Admin is entered into, all creditors have already accepted deals on the money they are owed, and the ST waive (or are just the 'notional' buyers on behalf of someone else) then something called PrePact Admin could be enacted, where Admin is entered into and exited at the same time.

It is thought this is probably the road we are looking at.
Can't see us coming out of administration without some of our assets gone. We've no players to sell.

Yes I did know it helps reduce the debt, by agreeing terms. I'm not sure there is much there to keep them going. 

Pretty sure Warburton owns the land for the academy and I'm pretty sure houses wouldn't be allowed on that part either..

I believe the Davies are prepared to put into administration, now. 

If there's no one to take us into admin as no one is prepared to stump up the money then it's liquidation.

Sluffy

Sluffy
Admin
[You must be registered and logged in to see this link.] wrote:
[You must be registered and logged in to see this link.] wrote:
[You must be registered and logged in to see this link.] wrote:
[You must be registered and logged in to see this link.] wrote:Don't think we will be liquidated but administration is pretty much nailed on.
Thing is admin means you sell assets to pay of debt, but as I understand it, the car park is sold to Prescott business ownership along with the hotel. The academy, training ground is sold to Brett Warburton, none of whom are on the board.

The stadium can't be sold for six months unless it's to the supporters trust who haven't got any money.

So I'm not sure we can go into admin.

No, you're basically not right about your understanding of Admin Nigel, it isn't to sell off assets per se but more about coming to some agreement with the creditors of the company.

In simple terms (as applied to football) all NON secured creditors will only be paid 25p in the £1 of what they are owed and all secured creditors paid in full BUT having two or more years to do so.

Assets 'may' be sold to fund continue trading in Administration but the Administrator has powers over everything - he takes control of ALL assets such as car parks, hotel and even the stadium and can sell them off if he has need to.

The ACV on the stadium by the ST is not valid under insolvency and the outstanding loans to Warburton and James are dealt with directly and again their charges against assets no longer apply.

The ST DOES however have the right to have first dibs on taking the club out of Admin (they have 28 days to do so before others can be considered) but clearly the ST haven't anything like the funds to exit Admin on their own.

I guess they could simply be used as a figurehead for another group of purchasers to work with to get ahead of the queue of other potential rivals, or perhaps they could waive their rights for the 28 day period (I assume this is possible but don't know for sure).

There are also only certain people who can put us in Admin too, Anderson, Eddie Davies estate (presumably as them hold a charge on Anderson's share ownership of the club) and the Winder court judge.

I believe Warburton, James and HMRC as outstanding creditors could do so as well.

Whoever takes us into Admin becomes responsible for ALL the club debts so there is no point in HMRC, Warburton and James doing so - nor really the wish of Eddies estate.

IF however a deal could be struct behind the scenes whereby Admin is entered into, all creditors have already accepted deals on the money they are owed, and the ST waive (or are just the 'notional' buyers on behalf of someone else) then something called PrePact Admin could be enacted, where Admin is entered into and exited at the same time.

It is thought this is probably the road we are looking at.
Can't see us coming out of administration without some of our assets gone. We've no players to sell.

Yes I did know it helps reduce the debt, by agreeing terms. I'm not sure there is much there to keep them going. 

Pretty sure Warburton owns the land for the academy and I'm pretty sure houses wouldn't be allowed on that part either..

I believe the Davies are prepared to put into administration, now. 

If there's no one to take us into admin as no one is prepared to stump up the money then it's liquidation.

No mate, you're still not getting it.

Assets will only be sold to fund ONGOING Administration.  (It's estimated ongoing Admin would cost around £1m per month).

It's the BUYER that has to fund the club coming OUT of Admin.  It may be after the club comes out of Admin that they sell off assets though, although it is more likely that they will leverage them by using them as collateral against future loans.

If Warburton owned the land then it simply wouldn't be on the books of the club that it is an current asset of the club.  It would be an asset of Warburton himself.  It can't be owned at the same time by two different people? 

Eddie's estate is owed £8m if the gossip is correct, so if they are likely to seek Admin and take on ALL the club debts, then there's not much point in them doing it unless they are certain there is a buyer to take them out of Admin in the very short term - otherwise it is financially to their advantage not to do so!  Don't forget the debt they are owed are not by the club but from Anderson (ICI Ltd).

MartinBWFC

MartinBWFC
Ivan Campo
Ivan Campo
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Looks like Eddie Davies's family will press the admin button on Tuesday as KA (apparently) prevented from doing so as per a contract with Bassini. Hoped there will be a quick sale.

10The effects of Wanderers going bump Empty Re: The effects of Wanderers going bump Tue May 07 2019, 18:03

MartinBWFC

MartinBWFC
Ivan Campo
Ivan Campo
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Absolutely no indication of administration, or otherwise from [You must be registered and logged in to see this link.] .
There is a small window tomorrow morning but to be gambling like this with 145 years of football history is shameful.

11The effects of Wanderers going bump Empty Re: The effects of Wanderers going bump Tue May 07 2019, 18:33

Growler


Tony Kelly
Tony Kelly
[You must be registered and logged in to see this link.] wrote:[You must be registered and logged in to see this link.]


[ltr]@MarcIles[/ltr]


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Absolutely no indication of administration, or otherwise from [You must be registered and logged in to see this link.] .
There is a small window tomorrow morning but to be gambling like this with 145 years of football history is shameful.
Ken will be laughing at that, perhaps even knocking one out to the outrage he has caused in Bolton, if he's not worn out from wanking off to his daughter in laws mucky vids on pornhub

12The effects of Wanderers going bump Empty Re: The effects of Wanderers going bump Tue May 07 2019, 18:41

MartinBWFC

MartinBWFC
Ivan Campo
Ivan Campo
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BOLTON. No admin today. Due to tell court there will be tomorrow. Hope judge in good mood. Football Ventures fav to take in admin. On their own now. Very very odd. Couldn’t afford it as a buy in December. But can in admin. So why seek partners and then drop them

13The effects of Wanderers going bump Empty Re: The effects of Wanderers going bump Tue May 07 2019, 19:18

Hipster_Nebula

Hipster_Nebula
Nat Lofthouse
Nat Lofthouse
The hearing will be adjourned to allow Bassini more time to find funds.

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